If you are flexible on location and more importantly, type of ownership.
A 430 sq. ft. studio apartment is currently for sale in the WESTEND for $319,000. The type of ownership is LEASEHOLD PREPAID, which means you are purchasing the unit but not the building or land. in the West End, many of the buildings are owned by corporations. Some units have stunning views and quaint old parquet floors. It is a great way to get in the market but leasehold propeties do not increase in value to the same degree as freehold ones.
Another example is a 382 sq. ft. studio (no separate bedroom) in South Vancouver listed for $356,000, and FREEHOLD, where you own the unit and share the ownership of the common property with the rest of the owners.
Finally, sold for $399,000 in the West End, a one bedroom unit at 674 sq. ft. consisted of SHARES IN A CO-OPERATIVE which literally means your ownership consists of shares in a company. This type of ownership is typical in older apartment buildings in the West End, Kerrisdale and Cambie. Usually you get great square footage for your money, however, like the leased properties, there is a discount in value and speed of growth.
Let me know if under $400,000 is your budget limit. It is certainly possible to own in Vancouver at this price!
Reach me at 604-805-6820